Instead of calling Gold analysis, I would use the term of trading plan or trading journal to record my trades.
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/10/14
We have made a nice profit in the last short plan.
No plan, No trading
------------------
Entry reason:
Gold made the drop to 1880 yesterday and start a nice rebounce at the buying point which explained in the related analysis.
Now the Gold reaches a tricky price at 1900.
As you can see, even gold breaks out the descending trendline 2 days ago, but it falls back to the channel again and now it's re-test the red trend line again.
For intra-day traders, the trend for the day is still bullish at this moment, and it could either break up or down at this moment.
I don't recommend trading around the 1900 range unless you are a scalping trader.
If we follow the previous day trend, short at higher price would be the major plan for me. 1904 - 1908 ( 50%, or 61.8% of fib ) would be a nice place to place my short orders.
For buying, maybe 1880 area will be test again and that's my buying point .
So here's my plan:
Short:
Sell limit 1904-1908 , SL 1915, TP 1890, 1880
Short instant in if i see reverse signal at 1900
Long:
buy around 1880 , SL 1875, TP 1890, 1895.
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/10/14
We have made a nice profit in the last short plan.
No plan, No trading
------------------
Entry reason:
Gold made the drop to 1880 yesterday and start a nice rebounce at the buying point which explained in the related analysis.
Now the Gold reaches a tricky price at 1900.
As you can see, even gold breaks out the descending trendline 2 days ago, but it falls back to the channel again and now it's re-test the red trend line again.
For intra-day traders, the trend for the day is still bullish at this moment, and it could either break up or down at this moment.
I don't recommend trading around the 1900 range unless you are a scalping trader.
If we follow the previous day trend, short at higher price would be the major plan for me. 1904 - 1908 ( 50%, or 61.8% of fib ) would be a nice place to place my short orders.
For buying, maybe 1880 area will be test again and that's my buying point .
So here's my plan:
Short:
Sell limit 1904-1908 , SL 1915, TP 1890, 1880
Short instant in if i see reverse signal at 1900
Long:
buy around 1880 , SL 1875, TP 1890, 1895.
Trade active:
sell in at 1908.5 now
Trade closed: target reached:
close now at 1895
